During the Asian session, the USD/CHF pair is testing the psychological level of 0.9000 for a breakout without receiving enough support to break through it.

On the D1 chart, the asset adjusted downwards, reached the 61.8% upward fan line in the area of 0.8830, after which it resumed growth. Currently, the price is close to 0.9005 (23.6% retracement), supported by the upper line of Bollinger Bands, at the breakout of which the growth of quotations will continue to the target of 0.9190 (0.0% retracement).

A fall is possible.

On the daily chart, the downward third wave of the higher level 3 develops, within which the wave (1) of 3 formed, an upward correction developed as the wave (2) of 3, and the downward wave (3) of 3 started. Now, the first wave of the lower level 1 of (3) is developing, within which the wave iii of 1 has formed, and a local correction is ending as the wave iv of 1. If the assumption is correct, the USD/CHF pair will fall to the area of 0.8323–0.8000. In this scenario, critical stop loss level is 0.9162.

After last week’s Swiss National Bank’s monetary policy meeting, the USD/CHF pair rose to 0.8940 and is preparing to continue growing towards 0.9005.

On the four-hour chart, quotes of the USD/CHF pair are moving as part of a long downward trend, holding around 0.8910. At the levels of 0.8828–0.8910, Hammer, Inverted Hammer, Bullish Marubozu and Bullish Engulfing reversal candlestick analysis patterns are observed, which signal a likely upward price reversal with increased tick volumes.